Bitcoin is already more valuable than many national currencies such as the malaysian Ringgit

Jameson En, chief engineer of BitGo and an investor is very well known, has created a clone of the world index M1, an indicator used to assess the monetary mass of a country. It lets you observe the classification of Bitcoin compared to other currencies used and accepted around the world, such as the japanese Yen or the u.s. dollar.

According to En, and the global index M1, the bitcoin is currently ranked 32nd currency the most valuable in the world, with a market value of over $ 122 billion dollars. The market capitalization of the Bitcoin is clearly superior to most of the national currencies like the singapore dollar, malaysian ringgit, the thai baht and the brazilian real.

The market of Bitcoin is not subject to any authority

The market for Bitcoin is still at an early stage of development and the adoption of the general public. The institutional and private investors are just starting to invest in Bitcoin and recognize it as a digital currency and a store of value solid.

Mike Cauldwell, Wikimedia Commons

Unlike other currencies in the index M1, the Bitcoin has a single currency system that limits its supply to 21 million bitcoins. As we can not create more than 21 million bitcoins, as demand for the virtual currency continues to increase, the price and value of Bitcoin on the market will only increase in the long term.

The long-term growth of Bitcoin

Andreas Antonopoulos, a security expert and bitcoin, said at a conference that the Bitcoin is better than currency systems existing. Many analysts and investors are renowned, including Mike Novogratz and Tom Lee, stressed that the Bitcoin would probably outperform the gold market in the long term.

But, like any other technology, the Bitcoin could evolve differently. In fact, this market is very volatile and no one can predict its future.

Source : NewsBTC